The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-08-06
DUN s. CO.'S BUSINESS REVIEW.
The Future Slightly Clouded by Recent
Heavy SpecuIations of Various Kinds

The Future Slightly Clouded by Recent
Heavy speculations of Various Kinds.
NEW YORK. Aug. 5-R G. Dun g. Co., in
their weekly review of trade, say: The col
lapse of the California wheat ring teaches the
old lesson that every body is stronger than any
body, and not even bonanza wealth with
impunity defy the laws of trade. The effects in
the Atlantic markets. through changes in rail-
road and telegraph operations, can not yet be
anticipated; even in San Francisco the results
are hidden, the board having suspended as well
the pool. But the losses of Sc, 000 900 ST. 000,
900 will fall heavily somewhere, and the wheat
held by the ring, said to be 100000 bushels in
California and 300. 600 in Liverpool. hangs over
the market, threatening continued depression
abroad and here. The average cost to the ring
IL said to be more than the wheat brings now at
New York. Final official statements show 1884,
S81. 022 bu net exports for the year. but Of this
quantity tho 8, 300, 600 bu owned by the Califor-
MIA ring abroad is still much in the way if
1t had not bssn shipped. A slow movement
for some time to come seems to
be probable, which may help the money
market to some extent. Stocks tumbled
again, but have recovered a little. On Satur-
day they averaged S. per share lower than
July 2 and 50 lower than in January, and were
trifo lower than year ago. but to-day the
market was stronger. The absence ofinvestors.
absorption of capital elsewhere, and fear of
consequences Of recent failures in railroad nego
tiations and in wheat operations. sufficiently
explain the late weakness. Railroads de-
pressed by the lowest lake rates of the year. Sc
for wheat from Chicago to Buffalo; in June
the canals moved to New York 7,400 0G0 blu,
against G. 600, 900 by the trunk lines. But the
main fact is that money has found other uses.
Secretary Fairchild offers to prepay interest
with a rebate. and to buy bonds if offered low
enough, but the men who have bonds not
the who need money in pinch. Only
81, 800, 900 interest, payable TO banks on bonds
held, is certain to be drawn, unless the rebate is
hereafter abandoned, and whether banks or per-
nauent investors will sell bonds at acceptable
terms is uncertain. The order, in short. ar
actual supply of money. The expectations that
less will be wanted West and South. because the
banks there hold So, 000, 600 more than q year
ago. and 500 000 900 more than years ago, is
met by the fact that loans of the same banks in
the Western and southern States have increased
$685. 0O0 900 since last year, and $l42, DOC, 900 In
two years. showing great increase in demands
for money for new Enterprises.
The reports from the interior points al
most uniformly favorable, but money is already
reported tight at Kansas City, Atlanta and
some other points; the demand appears greater
than the supply at Cleveland and Omaha, and
collections are less satisfactory at several CEN
ters. Crops less favorably reported in Mich
igan and Georgia, and harvesting in the North
west shows Disappointing results, according
accounts are excellent. The is
OF comparative inactivity in trade but of prepare
ton for the future. and the great confidence
felt recently 10 in some quarters less strongly
manifested. At the East. heavy shipments OF
money to the West and large engagements for
the future attract attention. Boston has put
$40, 900. 900 into new undertakings. and pledged
$50, 900 more. similar. though small
err drain is felt at Philadelphia and
Baltimore The Treasury has taken
from the market during the week
81 400 900 gold, with substantially no change in
silver and legal tenders. The advance in rates
by the Bank of England. though explained by
South American shipments, was Doubtless cal
culated to arrest any movement TO this country,
but recent exports not large, the ship
ments from New York for five weeks being per
cert. below those Of last year, with per cent.
increase in imports
The heavy IMPORTS of iron in June, 1927 tons
OF pig, 81 1913 of scrap, and o. 665 Of nanufact-